Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.
Customs provisional bond: importer must produce valid licence, pay duty shortfall, or face governmental recovery measures. A customs provisional bond permits conditional clearance of imported goods pending production or validation of an import licence and payment of any duty shortfall; the importer furnishes cash and/or securities as security, must supply requested documents and a valid licence within the allowed period, pay the difference between provisional and final duties, and remit any penalty in lieu of confiscation, failing which the government may recover sums by adjusting the security or by other customs recovery measures.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Customs provisional bond: importer must produce valid licence, pay duty shortfall, or face governmental recovery measures.
A customs provisional bond permits conditional clearance of imported goods pending production or validation of an import licence and payment of any duty shortfall; the importer furnishes cash and/or securities as security, must supply requested documents and a valid licence within the allowed period, pay the difference between provisional and final duties, and remit any penalty in lieu of confiscation, failing which the government may recover sums by adjusting the security or by other customs recovery measures.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.